4//SEC Filing
Vanguard Natural Resources, LLC 4
Accession 0001144204-15-032267
CIK 0001384072operating
Filed
May 18, 8:00 PM ET
Accepted
May 19, 3:12 PM ET
Size
9.1 KB
Accession
0001144204-15-032267
Insider Transaction Report
Form 4
Robert Richard A
Executive VP and CFO
Transactions
- Disposition to Issuer
Phantom Units
2015-05-18−25,000→ 50,000 totalFrom: 2015-05-18→ Common Units (25,000 underlying) - Conversion
Common Units representing LLC interests
2015-05-18+25,000→ 466,661 total
Footnotes (2)
- [F1]The phantom units were granted pursuant to the execution of a Second Amended and Restated Employment Agreement on February 8, 2010 and subject to a Phantom Unit Award Agreement. Each phantom unit represents the equivalent of one common unit of the Company. The phantom units are subject to vesting in five equal annual installments, with the first vesting date being May 18, 2013, and each subsequent vesting date occurring on each annual anniversary of the first vesting date. The vested phantom units are payable following each vesting date, in either the Company's common units or in a cash amount equal to the fair market value of the Company's common units on the vesting date. The phantom units are accompanied by dividend equivalent rights, which entitle the executives to receive the value of any dividends made by the Company on its units generally with respect to the number of phantom shares that executive received pursuant to this grant and are subject to vesting in three equal annual installments, with the first vesting date on August 1, 2012, the date of grant of the phantom units, and each subsequent vesting date occurring on each annual anniversary of the first vesting date, regardless of whether the underlying phantom units have vested. Vesting of both the underlying phantom units and the tandem dividend equivalent rights is generally subject to the grantee's continued employment through the applicable vesting date, with such other terms as set forth in the applicable award agreement. In the event the executive is terminated for "Cause" (as such term is defined in the Amended Agreement), all phantom units, whether vested or unvested, will be forfeited. The phantom units, once vested, shall be settled upon the earlier to occur of (a) the occurrence of a "Change of Control," (as defined in the LTIP), or (b) the executive's separation from service (as defined in section 409A of the Code).
- [F2]The phantom units, once vested, shall be settled through the delivery of a number of Common Units equal to the number of such Vested Units, or an amount of cash equal to the Fair Market Value of a Common Unit on the Vesting Date to be paid in a single lump sum payment, as determined by the Comp Committee in its discretion.
Documents
Issuer
Vanguard Natural Resources, LLC
CIK 0001384072
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0001384072
Filing Metadata
- Form type
- 4
- Filed
- May 18, 8:00 PM ET
- Accepted
- May 19, 3:12 PM ET
- Size
- 9.1 KB